Blog
Focus on Extending Tax Credit Intensifies
While no official legislative action took place on the tax credit during the preceding week, the buzz generated increased measurably. REALTORS® have generated almost 500,000 letters to congressional offices via the REALTOR® Action Center. NAR’s Call for Action to NAR members has achieved a higher response rate than any other previous Call for Action, underscoring the importance of the credit to REALTORS® and consumers alike. Several House members have introduced bills extending the credit in direct response to the communications from REALTORS®.
Senate Majority Leader Harry Reid (D-NV) continues to express his desire to move the extension at the first opportunity. As yet, however, there is not a clear procedural path to enactment, nor is there any agreement on how (or whether) the provision will be “paid for.” As yet, no revenue source for extending the credit has been identified. The “cost” is about $1 Billion for each month of extension.
Pam Pinto
Broker
Federal Stimulus Funds to Buy and Fix Up Foreclosed Properties
Federal Stimulus Funds to Buy and Fix Up Foreclosed Properties Published on Tuesday, Federal Stimulus Funds to Buy and Fix Up Foreclosed Properties Published on Tuesday, August 25, 2009, 12:12 AM Last Update: 11 hour(s) ago by Kimbrough Gray Category: All Articles » REO’s and Foreclosures State and local governments across the nation are gearing up to spend federal stimulus funds. The U.S. Department of Housing and Urban Development (HUD) birthed the Neighborhood Stabilization Program (NSP) that provides federal stimulus dollars to assist neighborhoods hardest hit by the home foreclosure crisis. The NSP falls under the umbrella of the American Recovery and Reinvestment Act (ARRA). HUD’s intent for the NSP is to provide assistance to more than 500 communities, cities and counties across America in the form of rent relief, for homeless prevention and to assist low-income families to buy homes. Organizations that are eligible for NSP funding are cities, non-profit agencies and housing authorities. St. Lucie and Martin Counties in Florida hope to receive some $7.5 million in stimulus dollars. The counties recently applied for the funds through the state’s Department of Community Affairs. Both counties intend on buying foreclosed homes, renovating them and selling them to low-income homebuyers. The other initiative for the funding will be to weatherize neighborhood homes. Fresno County, along with the City of Fresno, has received a total of $18 million in NSP funding to address the abundance of local area foreclosed homes. Officials have already interviewed several developers that will be hired to buy, renovate and sell or rent the homes to low-income families. Blighted areas will benefit the most from the funds. A byproduct of the dollars will be construction jobs associated with renovating the properties. Massachusetts may see some activity soon in many of their local cities and neighborhoods, since the state applied for funds in the total of $54 million. Boston Community Capital, alone, applied for $50 million in NSP funds in order to broaden the organization’s ability to assist the state’s residents who are facing foreclosure on their homes. The group has already committed $4 million in assistance to purchase abandoned property, loan funds to small developers renovating vacant properties and assist struggling homeowners in keeping or buying back their homes. Connecticut has thrown their hat into the ring for $45 million in NSP dollars, which will target the state’s four most hard hit cities. The Connecticut Consortium falls under the state’s Department of Economic and Community Development (DECD), and will be responsible for allocating the funds to local communities. Low- to middle-income families will be the primary beneficiaries of the program. Chicago received $5.4 million in stimulus funds earlier this year. The city’s goal is to reinvest profits made from selling renovated properties back into other foreclosure properties. Ohio was allocated $45 million NSP dollars to jump start the housing market in blighted neighborhoods. The intent is to allocate the stimulus money quickly, so that communities will be enabled to attack the growing numbers of abandoned and boarded up homes. Kentucky was awarded $44 million, Evanston, Illinois applied for $39.4 million and Virginia received $45 million. Brad Pitt even entered the fray with his Make It Right Foundation. If funding is approved, it will benefit New Orleans and a project the group will launch in Newark, NJ. His organization, as part of a consortium of non-profits, is asking for $65 million. Ki works to help buyers searching for Austin Texas real estate. He has worked in real estate for almost a decade. He maintains a searchable Austin MLS directory on his website. His site has current information on mortgage rate trends. August 25, 2009, 12:12 AM Last Update: 11 hour(s) ago by Kimbrough Gray Category: All Articles » REO’s and Foreclosures State and local governments across the nation are gearing up to spend federal stimulus funds. The U.S. Department of Housing and Urban Development (HUD) birthed the Neighborhood Stabilization Program (NSP) that provides federal stimulus dollars to assist neighborhoods hardest hit by the home foreclosure crisis. The NSP falls under the umbrella of the American Recovery and Reinvestment Act (ARRA). HUD’s intent for the NSP is to provide assistance to more than 500 communities, cities and counties across America in the form of rent relief, for homeless prevention and to assist low-income families to buy homes. Organizations that are eligible for NSP funding are cities, non-profit agencies and housing authorities. St. Lucie and Martin Counties in Florida hope to receive some $7.5 million in stimulus dollars. The counties recently applied for the funds through the state’s Department of Community Affairs. Both counties intend on buying foreclosed homes, renovating them and selling them to low-income homebuyers. The other initiative for the funding will be to weatherize neighborhood homes. Fresno County, along with the City of Fresno, has received a total of $18 million in NSP funding to address the abundance of local area foreclosed homes. Officials have already interviewed several developers that will be hired to buy, renovate and sell or rent the homes to low-income families. Blighted areas will benefit the most from the funds. A byproduct of the dollars will be construction jobs associated with renovating the properties. Massachusetts may see some activity soon in many of their local cities and neighborhoods, since the state applied for funds in the total of $54 million. Boston Community Capital, alone, applied for $50 million in NSP funds in order to broaden the organization’s ability to assist the state’s residents who are facing foreclosure on their homes. The group has already committed $4 million in assistance to purchase abandoned property, loan funds to small developers renovating vacant properties and assist struggling homeowners in keeping or buying back their homes. Connecticut has thrown their hat into the ring for $45 million in NSP dollars, which will target the state’s four most hard hit cities. The Connecticut Consortium falls under the state’s Department of Economic and Community Development (DECD), and will be responsible for allocating the funds to local communities. Low- to middle-income families will be the primary beneficiaries of the program. Chicago received $5.4 million in stimulus funds earlier this year. The city’s goal is to reinvest profits made from selling renovated properties back into other foreclosure properties. Ohio was allocated $45 million NSP dollars to jump start the housing market in blighted neighborhoods. The intent is to allocate the stimulus money quickly, so that communities will be enabled to attack the growing numbers of abandoned and boarded up homes. Kentucky was awarded $44 million, Evanston, Illinois applied for $39.4 million and Virginia received $45 million. Brad Pitt even entered the fray with his Make It Right Foundation. If funding is approved, it will benefit New Orleans and a project the group will launch in Newark, NJ. His organization, as part of a consortium of non-profits, is asking for $65 million. Ki works to help buyers searching for Austin Texas real estate. He has worked in real estate for almost a decade. He maintains a searchable Austin MLS directory on his website. His site has current information on mortgage rate trends.
Massachusetts Realtors Need More Education
Adam Bailey
Broker/Owner
Why is everyone allowed to be a real estate agent in Massachusetts? I’m sick of training every other Brokers agents when they come to show or deal with one of my listings. An agent who doesn’t know what a lease option is or an adjustable interest rate is has no buiness representing buyers in my great state of Massachusetts. Somebody please put in place a higher level of education in Massachusetts for Realtors. It will only make the real estate market better and buyer/sellers will be more confident when they are out shopping for a home.
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Massachusetts Realtors Need More Education
February 16, 2009
by: Pam Pinto * Broker • Blog
Massachusetts Realtors Need More Education
February 16, 2009
by: Pam Pinto * Broker • Blog